Priceline's Booking.com Adds 500,000th Hotel Property

The Priceline Group (NASDAQ:PCLN) said Tuesday that its global hotel-booking unit, Booking.com, has reached a milestone by adding its 500,000th property, the Leonardo Hotel in Berlin, to its list of hotel and accommodations offerings.

Also Tuesday, Oppenheimer & Co. analyst Manish Hemrajani initiated coverage on Priceline with an outperform rating and a price target of 1,450.

"We start with a favorable view on (Priceline), given its execution prowess, strong presence in high-growth underpenetrated international markets, especially Europe with Booking.com and (Asia-Pacific) with Agoda.com, and above-industry growth prospects," Hemrajani said in his research report.

In its Booking.com release, Priceline said that the website is now available in 42 languages and 201 countries, and has more than 30 million guest reviews.

Priceline's Booking.com Adds 500,000th Hotel Property

Priceline's Booking.com Adds 500,000th Hotel Property

The Priceline Group said Tuesday that its global hotel-booking unit, Booking.com, has reached a milestone by adding its 500,000th property, the Leonardo Hotel in Berlin, to its list of hotel and accommodations offerings. Also Tuesday, Oppenheimer & Co. analyst Manish Hemrajani initiated coverage on Priceline with an outperform rating and a price target of 1,450. Priceline stock was up 3.5% in midday trading in the stock market today , near 1,246.

"Reaching this significant milestone demonstrates our commitment to providing our customers with a diverse range of accommodation wherever in the world they want to stay," Gillian Tans, chief operating officer for Booking.com, said in the company's press release.

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